Traders use special tools to determine entry points, including technical indicators and trading robots. The use of automated trading systems facilitates the search of entry points, as this process is fully or partially performed by the robots, as their programs include functions and conditions for producing the best signals for entering Forex market.
Trading robots incorporate automated systems based on various strategies: trend-following, scalping, grid and martingale.
Any trading robot will be effective and help to make profit only in case of the correct adjustment, therefore, before starting work it is required to learn carefully recommendations of the developer and the instructions supplied with the automated trading system.
Description of the top 3 trading robots
- FXMath Dailу Trader – automated trend advisor, which gives accurate signals when market volatility is high. This robot has been developed for MetaTrader4 trading platform and programmed for the currency pairs EURUSD, GBPUSD, USDCAD, EURJPY,USDJPY on the daily timeframes.
An advantage of EA FXMath Dailу Trader is automatic configuration for each traded instrument. The required parameters for each currency pair and timeframe have been incorporated into the code of the Advisor.
FXMath Dailу Trader is based on a trend following strategy of entering the market after a pullback. Signals for opening and closing transactions are calculated on the data from CCI, RSI and Momentum.
This trading robot has a reputation of a reliable multi-currency Advisor, which does not apply such methods as averaging, martingales and griding.
- Smart is a trading robot developed for the use on M15 timeframe for the pair EURUSD on MetaTrader4 platform. Smart robot is a trend-following advisor designed for a strategy of entering the market after a breakout. This trading robot has a TrailingStop function, which means that when a trader places an order for opening a position, he/she has to place StopLoss and TakeProfit orders, which move automatically.
- Equilibrium is an automated Advisor, which gives accurate signals for entering Forex market for two currency pairs: GBPUSD and EURUSD.
The robot Equilibrium, is developed for MetaTrader4 trading platform and is used on 15-minute and hourly timeframes. An Advisor uses a strategy of searching main trend based on the indicators’ signals. Market entry is recommended when volatility is increasing or if a pair is undergoing correction.
Equilibrium is a reliable trading robot which enables to gain good results.
A distinctive feature of all automated systems is that emotional outbursts are completely excluded from the trading process, which increases efficiency of trading. In addition, the use of the reliable trading advisors spares a trader from making market analysis. Automated systems are able to monitor and decide on the best entry points.
When you use trading robots just follow recommendations and the rules of money management.
Installation instruction is applied with a robot. Before using an automated adviser on a trading account it is advisable to adjust it and test on historical data or on a demo account.
The above-described trading robot FXMath Trader Dailу, Smart and Equilibrium do not require adjustment of the parameters, as all the settings have already been completed.
Note that for the efficient operation of the trading robots trading terminal should be switched on throughout the weekly session, from late Sunday until Friday evening. If you cannot leave your computer and a trading terminal running, it is required to use the service of VPS servers.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.